Oil Prices Surge to Five-Month High After Gulf Tanker Attacks
Brent crude climbed 3% to $112 a barrel as attacks on Saudi Arabia and tankers near the Strait of Hormuz raised fresh supply fears.
Oil prices surged to their highest level in five months on Thursday after a series of attacks in the Gulf region raised alarm over potential disruptions to global crude supplies. Brent crude, the international benchmark, climbed 3% to reach $112 a barrel — a level last seen on May 18.
Iran's Islamic Revolutionary Guard Corps reported striking four vessels in the northern Gulf, while three additional tankers were hit by mines near the Strait of Hormuz, one of the world's most critical chokepoints for oil shipments. Simultaneous attacks in Saudi Arabia compounded concerns about the stability of regional energy infrastructure.
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The Strait of Hormuz carries a substantial portion of globally traded oil, making any threat to navigation there a significant market event. Traders reacted swiftly, driving up prices as the prospect of sustained disruption to tanker traffic weighed on supply calculations.
The escalation adds pressure to an already tight global energy market and is likely to intensify scrutiny of Middle East security conditions among importers, policymakers, and shipping operators worldwide. Shipping workers in the region have reported growing uncertainty over safe transit routes amid the ongoing conflict.
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